MBA: Mortgage Applications Decrease in Latest Weekly Survey

Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 27, 2017.

… The Refinance Index decreased 5 percent from the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 10 percent higher than the same week one year ago. …

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (4,100 or less) increased to its highest level since July 2017, 4.22 percent, from 4.18 percent, with points increasing to 0.43 from 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. emphasis added